BATTLE CREEK, MICH. — Annex Student Living is set to begin the redevelopment of a newly acquired housing property located across the street from Kellogg Community College in Battle Creek. The currently vacant asset will be rebranded as student housing and named The Annex of Battle Creek. Renovations are expected to be completed by this August. The 118-bed community, which is currently accepting leases, will be comprised of 64 one-, two- and three-bedroom apartments and townhomes. The full renovation will include improvements to the exterior and interior, all new furnishings and a fully equipped security system. A new clubhouse will also be built on the property and will feature a fitness center, TV lounge, laundry center and ample study space with computers.
NORTHVILLE, MICH. — Schostak Brothers & Co. and REI Investment Group Inc. have secured several new leases at Northville Park Place, a 500,000-square-foot mixed-use development located at the intersection of Seven Mile and Haggerty roads in Northville, approximately 30 miles northwest of Detroit. Trader Joe’s will occupy an outparcel once construction on the 12,500-square-foot building is completed in the first quarter of 2017. Other recent lease signings include DentalWorks leasing 3,097 square feet, One Society inking a deal for 2,694 square feet and Brain Balance Achievement Centers leasing 2,595 square feet. All three tenants are expected to be open by this fall. Current tenants at the center include MOD Pizza, Tom + Chee, Chipotle, Red Olive, SVS Vision Optical Centers, Jimmy John’s, Sherwin Williams, Gazelle Sports, Orangetheory Fitness, BurgerFi, Rusty Bucket, Sports Clips and Granite City Food & Brewery.
ARLINGTON, TEXAS — Old Capital has secured a loan for Medlin Square Apartments, a 47-unit complex located in Arlington. A local investor purchased the asset, which was built in 2003. Old Capital provided the non-recourse Fannie Mae financing. The 10-year, 4.5 percent fixed-rate loan features a 30-year amortization schedule and 12 months of interest-only payments.
HAUPPAUGE, N.Y. — Meridian Capital Group has arranged $128 million in acquisition financing for the purchase of Devonshire Hills, a multifamily property located in Hauppauge. Bainbridge Cos. and China Orient Asset Management, through its U.S. affiliated entity, acquired the 43-building, 656-unit multifamily property located at 1717 Devonshire Road. The garden-style apartment community includes a swimming pool, tennis court, fitness court and shared outdoor space. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate, two years of interest-only payments and a 75 percent loan-to-cost ratio. Jacob Katz, Abe Hirsch and Zev Karpel of Meridian Capital Group arranged the financing for the borrower.
HOBOKEN, N.J. — NorthMarq Capital has arranged $81.9 million in refinancing for four affordable housing properties in Hoboken. Gary Cohen of NorthMarq secured the 10-year refinancing, which features a 30-year amortization schedule. The financing was arranged for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. Managed by Applied Housing Management, the properties feature a total of 448 units.
HARRISBURG, PA. — PFG Capital has completed the sale of a five-property self-storage portfolio in Harrisburg. Self Storage Capital Partners purchased the assets, which total 310,257 rentable square feet, for $35 million. The Storage Depot-branded portfolio consists of properties located at 6325 Allentown Blvd., 32 Milroy Road, 4401 N. Sixth St., 350 S. Seventh St. and 115 Cumberland Parkway. The portfolio consists of 243 climate-controlled units, 2,271 non-climate-controlled units, 87 income-producing surface parking spaces and eight warehouse/commercial units totaling 14,054 square feet. Richard Schontz, Barbara Guffey and Matthew Weckesser of HFF represented the seller in the transaction. James Conley of HFF arranged $25.5 million in acquisition financing for the buyer in the transaction.
BETHLEHEM, PA. — The Garibaldi Group has arranged the lease of an industrial spec building located at 4770 Hanoverville Road in Bethlehem. Stitch Fix, an online subscription and personal shopping service, leased the single-tenant 483,990-square-foot warehouse facility to use a distribution center as it expands its user base on the East Coast. Developed and owned by Prologis, the building features 4,250 square feet of office space, 75 dock high doors and two grade-level positions. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Meg Buffington and Bill Bumber of Prologis, represented the landlord, while Kim Meincke Jacobsen and Paul Torosian of JLL represented the tenant in the transaction.
SCHUYLKILL HAVEN, PA. — CBRE Group has arranged the sale of an industrial facility located at 3 Earl St. in Schuylkill Haven. The 85,113-square-foot facility sold for an undisclosed sum. At the time of sale, the property was fully occupied by M&Q Packaging Corp. on a long-term basis. Constructed in phases between 1969 and 2003, the facility is located 12 to 13 miles from both 78 and 81 interstates. Stephen Marzullo, Adam Silverman, Paul Touhey and Drew Green of CBRE brokered the transaction. The names of the seller and buyer were not released.
NEW YORK — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has reached an agreement with an affiliate of Citigroup Inc. (NYSE: C) to accelerate the sale of the global bank’s office campus at 388-390 Greenwich St. in Manhattan’s Tribeca neighborhood. The early sale is pursuant to the $2 billion purchase option that Citigroup exercised in January. Separately, SL Green announced that it has reached an agreement for the early termination of Citigroup’s lease at the property as a result of the sale acceleration. The sale is now scheduled to close in June. SL Green will realize approximately $1.8 billion in sale proceeds at closing, including the lease termination payment. The REIT plans to repay a portion of its corporate credit facility and retire the $1.45 billion mortgage on the office campus. “We are pleased to reach an agreement on the early sale of 388-390 Greenwich Street. In addition, by retiring approximately $1.8 billion of debt, we further strengthen our balance sheet and enhance our liquidity position to in excess of $1.4 billion,” says Marc Holliday, CEO of SL Green. “Our longstanding, multi-faceted relationship with Citi, one of the world’s leading financial institutions, has been …
With a three-year average occupancy of 96 percent, Omaha’s apartment market has displayed strong fundamentals that we expect to continue this year and beyond. Given the strong tailwinds created by Omaha’s healthy economy — the local unemployment rate stood at 3.6 percent in January compared with 4.9 percent nationally — it is not surprising that occupancy is high, rents and revenues are rising and new developments continue. According to the recently released IREM fall 2015 Omaha Metropolitan Area Apartment Survey, the year-end market occupancy rate was a strong 96 percent, with the lowest submarket at 94 percent and the highest at an outstanding 98 percent. On a 10-year historical basis, the Omaha market’s occupancy rate has ranged from a low of 92 percent in 2008 to a high of 96 percent in both 2013 and 2015. Any owner will tell you a solid two percent gain in occupancy over a multi-year period has a significant impact on net operating income. Both rents and revenues continue to grow within the Omaha market. Most owners have been raising rents between 2 and 4 percent a year, and in some cases 5 percent. The general expectation is that rents and revenues will both …